TPG Inc. (TPG) operates as a global alternative asset manager.
The company offers a broad range of investment strategies across the alternative asset management landscape, primarily in private equity, credit and real estate; and has constructed a high-quality base of assets under management within attractive sub-segments of these asset classes.
The company’s differentiated operating model unites its investment products and global footprint around a cohesive commercial framework. The company’s...
TPG Inc. (TPG) operates as a global alternative asset manager.
The company offers a broad range of investment strategies across the alternative asset management landscape, primarily in private equity, credit and real estate; and has constructed a high-quality base of assets under management within attractive sub-segments of these asset classes.
The company’s differentiated operating model unites its investment products and global footprint around a cohesive commercial framework. The company’s team-oriented culture fosters collaboration and alignment, supports its shared investment themes approach to sourcing and executing deals and leads to attractive returns for its investors. The company employs investment and operations professionals in offices across 16 countries, providing it with a substantial global footprint and network. The company’s investment and operations professionals are organized into industry sector teams, which share investment themes across platforms to drive firmwide pattern recognition. Through multiple decades of experience, the company has developed an ecosystem of insight, engagement and collaboration across its platforms and products, which include approximately 350 active portfolio companies, more than 300 real estate properties, and over 5,000 credit positions, across more than 30 countries.
The company consists of six multi-strategy investment platforms: Capital, Growth, Impact, TPG Angelo Gordon, Real Estate, and Market Solutions. Each of the company’s six investment platforms is consisted of a number of products that are complementary to each other and provide its clients with differentiated avenues for capital deployment. Most of the company’s products have raised multiple generations of funds, which the company highlights the value these products provide to its clients.
Platforms
Platform: Capital
The company’s Capital platform focuses on large-scale, control-oriented private equity investments. The company’s Capital platform funds are organized in three primary products: TPG Capital, TPG Asia, and TPG Healthcare Partners.
Product: TPG Capital
TPG Capital is the company’s North America and Europe-focused private equity investing business, with assets under management. TPG Capital employs a sector-driven, highly thematic approach to sourcing and primarily seeks to invest in traditional buyouts, transformational deals, such as corporate carve-outs and large-scale growth equity transactions. The company invests in market leaders with fundamentally strong business models that are expected to benefit from long-term secular growth trends. The company also seeks to help its portfolio companies accelerate their growth under its ownership through a variety of operational improvements, such as by leveraging its human capital team to upgrade or enhance the company’s management teams and boards, and by investing in organic and inorganic growth.
Product: TPG Asia
TPG was one of the first alternative asset management firms to establish a dedicated Asia franchise and began investing in the region in 1994. TPG Asia focuses on pursuing investments in the Asia-Pacific region, including Australia, India, Korea and Southeast Asia, with assets under management. The company’s distributed regional footprint has provided a foundation for it to pursue highly attractive investing opportunities in the region with both new and existing products and strategies. The company invests through a variety of transaction structures, including through partnerships with large corporations and families.
Product: TPG Healthcare Partners
The company established TPG Healthcare Partners, or ‘THP’, in 2019 to pursue healthcare-related investments, primarily in partnership with other TPG funds. THP provides the company’s limited partners with a dedicated healthcare investment platform that touches all areas of healthcare, including providers, payors, pharmaceuticals, medical devices, and healthcare technology.
Platform: Growth
TPG Growth is the company’s dedicated growth equity and middle market investing platform. It provides the company with a flexible mandate to invest in companies across its core sectors that are earlier in their life cycle, are smaller in size and/or have different profiles than would be considered for the company’s Capital platform. The company’s Growth funds are organized in four primary products: TPG Growth, TPG Tech Adjacencies, TPG Digital Media, and TPG Life Sciences Innovation.
Product: TPG Growth
TPG Growth is the company’s dedicated growth equity and middle market investing product, with assets under management. TPG Growth seeks to make growth buyout and growth equity investments, primarily in North America and India.
Product: TPG Tech Adjacencies
TPG Tech Adjacencies, or ‘TTAD’, with assets under management, is a product the company’s developed organically to pursue minority and/or structured investments in internet, software, digital media and other technology sectors. Specifically, TTAD aims to provide flexible capital for founders, employees and early investors seeking liquidity, as well as primary structured equity solutions for companies looking for additional, creative capital for growth.
Product: TPG Digital Media
TPG Digital Media, or ‘TDM’, is a flexible source of capital focused on pursuing control equity investments in digital media. TDM seeks to pursue investments in businesses in which the company has the opportunity to capitalize on its long history of studying and pursuing content-centric themes.
Product: TPG Life Sciences Innovation
TPG Life Sciences Innovation, or ‘LSI’, was launched in 2023 and seeks to invest in the life sciences sector in novel therapeutics, as well as digital health, medical devices, diagnostics, and tech-enabled services. LSI invests across different therapeutic areas and stages, from company creation to IPO, and leverages TPG’s broad experience in the healthcare sector.
Platform: Impact
The company’s multi-fund Impact platform, which it believes is among the largest in the industry, pursues competitive, non-concessionary financial returns while also providing measurable societal benefits at scale, harnessing the diverse skills of a differentiated group of value-add stakeholders, including:
Y Analytics: A public benefit organization that is wholly owned by TPG and which the company founded to provide impact research and rigorous assessment measures for impact investments, and today functions as TPG’s firm-wide Responsible Investing and impact performance arm.
The TPG Rise Global Advisory Board: A group of experienced investors and global thought leaders with a deep personal and professional commitment to driving social and environmental change consistent with achieving non-concessionary financial returns.
The TPG Rise Climate Coalition: A partnership between TPG and 30 leading global corporations that are investors in TPG Rise Climate, to accelerate the sharing of knowledge, best practices and investment opportunities arising from the energy transition among the group and more broadly across the TPG Impact platform.
Based on the company’s investment strategy and performance track record, it has demonstrated that its impact investments can deliver profit and positive impact in tandem. The company’s Impact funds are organized in four primary products: The Rise Funds, TPG Rise Climate, TPG Rise Climate Transition Infrastructure, and TPG NEXT.
Product: The Rise Funds
The Rise Funds are the company’s dedicated vehicles for investing globally in companies that generate a demonstrable and significant positive societal impact alongside business performance and strong returns, with assets under management. The Rise Funds’ core areas of focus include climate and conservation, education, financial inclusion, food and agriculture, healthcare and impact services.
Product: TPG Rise Climate
Launched in 2021, TPG Rise Climate (‘Rise Climate’) is the company’s dedicated climate private equity impact investing product, which has raised commitments. TPG Rise Climate applies TPG’s private equity capabilities to pursue climate-related investments in thematic areas, including clean electrons, clean molecules and materials, and negative emissions, all without sacrificing the company’s focus on financial returns. TPG Rise Climate has a global focus and invests opportunistically across buyouts and carve-outs and growth equity transactions.
Product: TPG Rise Climate Transition Infrastructure
TPG Rise Climate Transition Infrastructure (‘Rise Climate TI’) is the company’s newly formed product focused on investing in infrastructure businesses and assets that it believes have or will have positive climate impact. TPG Rise Climate Transition Infrastructure pursues a value-add infrastructure investment strategy, seeking to capture opportunities between core infrastructure and private equity within the energy transition, green mobility, negative emissions and sustainable fuels sectors.
Product: TPG NEXT
TPG NEXT provides strategic minority capital and custom operational support to help emerging managers establish, build and scale their firms. TPG announced the launch of the inaugural TPG NEXT fund in 2022 to use the power of TPG’s platform, including its capital, network and 30-plus year track record of business building—to accelerate the growth and de-risk the success of the next generation of alternative investment managers. Firms that partner with TPG NEXT gain access to TPG’s network, operational and investment capabilities, and ecosystem to support strategic business building and expansion.
Platform: TPG Angelo Gordon
TPG AG Credit
TPG Angelo Gordon’s alternative credit products (collectively referred to as ‘TPG AG Credit’) are: TPG AG Credit Solutions, TPG AG Structured Credit & Specialty Finance, TPG AG Middle Market Direct Lending, TPG AG Collateralized Loan Obligations (‘CLOs’), and TPG AG Multi-Strategy. TPG AG Credit’s capabilities span private and tradable credit across corporate and asset-backed markets.
Product: TPG AG Credit Solutions
TPG AG Credit Solutions, with assets under management, invests in stressed, distressed and special situation corporate credit opportunities, primarily in North America and Europe, and can dynamically pivot between the public and private markets. TPG AG Credit Solutions employs what the company believe to be a differentiated, solutions-based approach that is capable of being executed in any market environment. TPG AG Credit Solutions seeks to align with companies, financial sponsors and business owners and to use its structuring skill and flexible capital base to create bespoke, bilaterally negotiated financing transactions that help resolve complex and idiosyncratic financial challenges. TPG AG Credit Solutions funds may also opportunistically invest in securities acquired at what the investment team believes are discounted prices relative to their intrinsic value and offer the potential for contractual income and/or price appreciation. TPG AG Credit Solutions invests through the Credit Solutions, Essential Housing and Hybrid Solutions closed-ended funds, as well as the Corporate Credit Opportunities open-ended fund.
Product: TPG AG Structured Credit & Specialty Finance
TPG AG Structured Credit & Specialty Finance focuses on major non-corporate credit sectors, including consumer, residential and commercial real estate, and specialty lending markets, and also has substantial CLO debt and equity investing capabilities. TPG AG Structured Credit & Specialty Finance invests through a variety of vehicles, including the Mortgage Value Partners Fund open-ended hedge fund, the Asset Based Credit closed-ended fund series and evergreen vehicle, separately managed accounts (‘SMAs’) and AG Mortgage Investment Trust, Inc. (NYSE: MITT) (‘MITT’), which is an externally managed, publicly traded residential mortgage real estate investment trust.
Product: TPG AG Middle Market Direct Lending
TPG AG Middle Market Direct Lending (‘MMDL’) and TPG Twin Brook Capital Partners focus on sourcing, underwriting and actively managing a diversified portfolio of lower middle market, senior secured loans, including revolvers and first lien debt, and seek to deliver stable and attractive returns while minimizing volatility and protecting the downside. As a direct lender to private equity backed lower middle market companies, the product focuses on sourcing differentiated opportunities from the company’s long-standing and diverse set of sponsor relationships. TPG AG Middle Market Direct Lending includes the MMDL closed-ended fund series and evergreen vehicle and SMAs, as well as a public, non-traded business development company (‘BDC’), TPG Twin Brook Capital Income Fund (‘TCAP’).
Product: TPG AG CLOs
TPG AG CLOs, with assets under management, invests predominantly in non-investment grade senior secured bank loans. TPG AG CLO investment team consists of members in both New York and London. The U.S. CLOs invest in the U.S. dollar-denominated broadly syndicated loans, and the European CLOs invest in Euro-denominated loans and secured bonds. The company’s global platform allows it to provide its investors with diversification across industries and geographies as it constructs well diversified, liquid portfolios that are actively traded. In addition to CLOs, the platform also manages bespoke performing credit vehicles and commingled closed end CLO funds.
Product: TPG AG Multi-Strategy
TPG AG Multi-Strategy, with assets under management, invests across the breadth of TPG AG Credit, with a geographic focus in the United States and Western Europe. TPG AG Multi-Strategy offers actively managed co-mingled funds, including the Super Fund, in addition to bespoke vehicles and various multi-strategy credit funds of one. These funds invest in public and private investment opportunities sourced from across TPG AG Credit, as well as arbitrage strategies, including convertible arbitrage and merger arbitrage. TPG AG Multi-Strategy funds invest in, among other products, corporate loans and bonds, residential, consumer and asset-based loans and securities, hybrid instruments and derivative securities, including currency and interest rate hedges.
TPG AG Real Estate
TPG Angelo Gordon’s real estate products (collectively referred to as ‘TPG AG Real Estate’) are TPG AG U.S. Real Estate, TPG AG Asia Real Estate, TPG AG Europe Real Estate and TPG AG Net Lease. TPG AG Real Estate products in the United States, Asia and Europe primarily focuses on the acquisition of equity interests of underperforming and undervalued assets, where the company can employ its opportunistic and value-add strategies to improve performance. TPG AG Real Estate’s extensive and proprietary network of operating partners across each of the regions where it operates positions it to effectively identify inefficiencies and source opportunities on an off-market basis. TPG AG Net Lease primarily invests in single tenant commercial real estate acquired in simultaneous sale-leaseback transactions.
Product: TPG AG U.S. Real Estate
TPG AG U.S. Real Estate, with assets under management, manages assets across various product sectors and has been active in many of the major U.S. real estate markets. TPG AG U.S. Real Estate focuses on purchasing underperforming and undervalued real estate assets, where it then executes an active asset management strategy to reposition and stabilize the properties. TPG AG U.S. Real Estate is diversified across property sectors, with a thematic portfolio construction focused on rental residential, industrial, self-storage, life science, student housing and medical office, among other sectors.
Product: TPG AG Asia Real Estate
TPG AG Asia Real Estate, with assets under management, manages assets across Asia, with investments primarily in Japan, South Korea, Hong Kong, China and Singapore. TPG AG Asia Real Estate focuses on capitalizing on opportunistic investments primarily created through situations, such as a lack of real estate expertise, illiquidity or distress. The TPG AG Asia Real Estate portfolio includes office, industrial, residential, hotel, retail, life science and other asset types.
Product: TPG AG Europe Real Estate
TPG AG Europe Real Estate, with assets under management, manages assets across Europe, with investments primarily located in major cities in Western Europe and the United Kingdom. TPG AG Europe Real Estate focuses on sub-performing and distressed real estate assets. The TPG AG Europe Real Estate portfolio includes industrial, residential, office, hotel, retail, student housing, self-storage and other asset types.
Product: TPG AG Net Lease
TPG AG Net Lease, with assets under management, focuses on single tenant commercial real estate, generally leased to non-investment grade tenants, largely acquired in simultaneous sale-leaseback transactions. TPG AG Net Lease primarily purchases existing facilities that are integral to the ongoing operations of the tenants, such as a company’s manufacturing plant or distribution centers. TPG AG Net Lease manages assets primarily located within the United States, with certain assets in the United Kingdom, Western Europe, Canada and Mexico.
Platform: Real Estate
The company established its TPG real estate investing practice in 2009 to pursue real estate investments systematically and at significant scale. The company invests in real estate through three primary products: TPG Real Estate Partners, TPG Real Estate Thematic Advantage Core-Plus, and Real Estate Credit.
Product: TPG Real Estate Partners
TPG Real Estate Partners (‘TREP’), with assets under management, focuses on acquiring and building platforms, which creates more efficient operating structures and ultimately results in scaled investments that may trade at premium entity-level pricing in excess of the net asset value of individual properties. TREP utilizes a distinct theme-based strategy for sourcing and executing proprietary investments, and over time, many of these themes have aligned with TPG’s broader thematic sector expertise, particularly those pertaining to the healthcare and technology sectors.
Product: TPG Real Estate Thematic Advantage Core-Plus
TPG Real Estate Thematic Advantage Core-Plus (‘TAC+’), with assets under management, is an extension of the company’s opportunistic real estate investment program. TAC+ targets investments in stabilized (or near stabilized) high-quality real estate, particularly in thematic sectors where the company has gained significant experience and conviction. The investment strategy is designed to enhance traditional core-plus objectives of capital preservation and reliable current income generation by applying the company’s differentiated thematic approach, strategy and skillset.
Product: Real Estate Credit
TPG RE Finance Trust, Inc.
TPG RE Finance Trust, Inc. (NYSE: TRTX) (‘TRTX’) is externally managed by an affiliate of TPG and directly originates, acquires and manages commercial mortgage loans and other commercial real estate-related debt instruments in North America for its balance sheet. The platform’s objective is to provide attractive risk-adjusted returns to its stockholders over time through cash distributions. As of December 31, 2024, the TRTX loan investment portfolio consisted of 45 first mortgage loans (or interests therein).
TPG Real Estate Credit Opportunities
TPG Real Estate Credit Opportunities (‘TRECO’), which was established in 2023, is the company’s opportunistic, real estate credit strategy targeting risk-adjusted returns through investments primarily in real estate-related high-yield senior and subordinate loans and securities. TRECO focuses on select sectors and geographies where the company has distinct expertise informed by its longstanding practice around theme development. The fund has a flexible mandate and seeks to invest opportunistically across the credit spectrum.
Platform: Market Solutions
The company’s Market Solutions platform leverages the broader TPG ecosystem to create differentiated products in order to address specific market opportunities.
Product: GP-led Secondaries
The company’s private markets solutions business provides single asset solutions to private asset owners, typically through continuation vehicles, funds or underlying third-party investment managers who will continue to control such assets in which the funds invest. The company’s private markets solutions business is organized into two businesses: NewQuest and TPG GP Solutions (‘TGS’).
NewQuest Capital Partners
NewQuest seeks to acquire private equity positions on a secondary basis in underlying portfolio companies whose businesses are substantially based in the Asia Pacific region. With assets under management, NewQuest is principally focused on complex secondary transactions.
TPG GP Solutions
Established in 2021, TGS was created to invest in high-quality, stable private equity assets, which are principally based in North America and Europe, in partnership with third-party general partners. With assets under management, TGS brings a primary private equity approach to the general partner-led secondaries market that leverages the TGS team’s deep investing experience and the insights and expertise of the broader TPG ecosystem.
Product: Public Market Investing
TPG Public Equities
TPG Public Equities (‘TPEP’) seeks to generate superior risk-adjusted returns through deep, fundamental private equity-style research in the public markets. TPEP is not siloed from the company’s private investment businesses from an information perspective, which allows TPEP to collaborate with sector-focused teams across the rest of its firm and leverage TPG’s full intellectual capital and resources. TPEP manages a long/short fund and a long-only fund, both of which are managed with broad, opportunistic mandates.
Product: Capital Markets
The company’s dedicated capital markets group centralizes its in-house debt and equity advisory expertise and optimizes capital solutions for its investment professionals and portfolio companies. Primary activities include:
Debt Capital Markets: Structure and execute new deal and acquisition financings across leveraged loans, high yield bonds and mezzanine debt (privately placed and syndicated) and manage capital structures on an ongoing basis, including re-financings, re-pricings, hedging, amendments and extensions and other services.
Equity Capital Markets: Act as lead advisor and underwriter on capital raises and the monetization of the company’s ownership stakes in the public equity markets, including initial public offerings, follow-on offerings, equity-linked products and subsequent realizations and provide dual-track and structured equity solutions advisory, among other services.
Through the company’s capital markets activities, it generates underwriting, placement, arrangement, structuring and advisory fee revenue.
Regulations
Certain of the company’s subsidiaries are registered with the SEC as investment advisers under the Investment Advisers Act of 1940, as amended, including TPG Global Advisors, LLC, TPG Capital Advisors, LLC, TPG PEP Advisors, LLC, TPG Real Estate Advisors, LLC, TPG RE Finance Trust Management, L.P., TPG Solutions Advisors, LLC, Angelo Gordon & Co., L.P., AGTB Fund Manager, LLC, and the subsidiaries that are relying advisers and rely on umbrella registration to be registered as investment advisers with the SEC.
The company holds itself out as an alternative asset management firm and do not propose to engage primarily in the business of investing, reinvesting or trading in securities. TPG is also the owner of the entities serving as the general partner of the TPG Operating Group partnerships, and in such capacity, indirectly controls all of the TPG Operating Group’s business and affairs.
TPG Capital BD, LLC (TPG Capital BD), one of the company’s subsidiaries, is registered as a broker-dealer with the SEC under the Securities Exchange Act of 1934, as amended (the Exchange Act) and is subject to regulation and oversight by the SEC and is a member of the Financial Industry Regulatory Authority (FINRA) and is registered as a broker-dealer in all 50 states and the District of Columbia. FINRA, a self-regulatory organization subject to oversight by the SEC, adopts and enforces rules governing the conduct, and examines the activities, of its member firms, including TPG Capital BD. State securities regulators also have regulatory oversight over TPG Capital BD. TPG Capital BD is an affiliated entity through which the company conducts the U.S.-based fundraising and capital markets activities, and administers a compliance program designed to comply with applicable anti-money laundering requirements. Broker-dealers are subject to regulations that cover all aspect of the securities business, including, among others, the implementation of a supervisory control system over the securities business, advertising and sales practices, conduct of public and private securities offerings, maintenance of adequate net capital, record-keeping, and the conduct and qualifications of persons associated with the broker-dealer.
TRTX and MITT have elected and qualified to be taxed as a REIT under the U.S. Internal Revenue Code of 1986, as amended (the Code). To maintain its qualifications as a REIT, TRTX and MITT generally must distribute at least 90% of their respective net taxable income to its stockholders and meet, on a continuing basis, certain other complex requirements under the Code.
TCAP has elected to be regulated as a business development company under the Investment Company Act. Many of the regulations governing TCAP restrict, among other things, the amount of leverage it can incur and co-investments and other transactions with other entities within the company’s corporate structure. Certain of the company’s products may be restricted from engaging in transactions with TCAP. AGTB Fund Manager, LLC, the company’s subsidiary and affiliate, serves as the investment adviser to the BDC.
TPG Europe LLP (TPG Europe) and Angelo, Gordon Europe LLP (AG Europe) are its London-based affiliates that are authorized and regulated by the U.K. Financial Conduct Authority (FCA) under the Financial Services and Markets Act 2000 (the FSMA).
In Singapore, TPG Capital (S) Pte. Ltd. holds a capital market services license and is authorized by the Monetary Authority of Singapore to conduct fund management activities. In Hong Kong, TPG Capital, Limited is licensed and authorized by the Hong Kong Securities and Futures Commission to engage in the business of dealing in securities and advising on securities, and Angelo, Gordon Hong Kong Limited is licensed and authorized by the Hong Kong Securities and Futures Commission to engage in the business of dealing in securities. In the Cayman Islands, NewQuest Holdings (Cayman) Limited is registered with the Cayman Islands Monetary Authority as a registered person under the Securities Investment Business Act (As Revised) of the Cayman Islands and is authorized to conduct certain securities investment business activities, and each of the TPEP master funds, as well as each of the TPEP offshore feeders, is registered with the Cayman Islands Monetary Authority under the Mutual Funds Law. In South Korea, Angelo, Gordon Asia Co. Ltd. holds an investment advisory license with the Financial Services Commission of South Korea. In Japan, Angelo, Gordon International LLC is registered with the Japanese Financial Services Agency and the Kanto Local Finance Bureau.
History
TPG Inc. was founded in 1992.
